Auction Lingo

Timed Auction/Online Auction 

Timed Auctions/Online Auctions are not conducted in front of a live audience.

All buyers must register and bid online. These auctions are "timed," meaning the bidding on all items will close at a predetermined date and time.

Example: If Lot #1 closes at 10am, Lot #2 will close 2 minutes later and so on.

The bidding will extend on a Lot if a Buyer bids in the last 2-3 minutes before the lot closes. This will extend the bidding by an additional 2-3 minutes to allow further bidding. This allows the Buyer most recently outbid the option to place another bid if they so desire.

Webcast Online Auctions 

A live auction that is simultaneously broadcast on the web.

You can hear the Auctioneer live, view the lots and bid in real time along with on-site Buyers. All your bidding can be done conveniently from your own device. An appointed webcast provider on-site monitors the online aspect to ensure all bids are placed. Buyers register for these auctions either on-line or on-site depending on where they choose to bid.

 

Preview Day 

Typically this occurs the day before the sale.

We are open on-site for all potential Buyers to come and inspect the lots in person. Preview Day times and locations are posted for each individual sale. Preview on other can be arranged by contacting the appointed site supervisor.

Lot 

The individual items being sold.

Each lot is assigned a "lot number" by the auctioneer and will be labeled prior to inspection.      A lot can contain one item or multiple items. Lots are sold either as "one-money" or "times the money," in which case the purchase price is multiplied by the amount bid.

As Is, Where Is 

The item being purchased is accepted  "in its present condition" and location. 

This indicates that there are no returns on items and the Buyers are fully responsible to remove the item from the location it was purchased, as outlined in the 'Terms of Sale' and 'Equipment Removal Terms and Conditions.' All lots are sold under the assumption that Buyers have inspected them prior to bidding.

Catalogue

A listing of all Lot numbers paired with descriptions of the Lots.

These are listed online prior to the auction. Hard copies are typically available on-site on Preview Day. We do our very best to create an accurate catalogue for all our sales, however the catalogue is there only as a guide and it is subject to change. Occasional inaccuracies can occur.

Buyer Number 

When you register for an auction you are assigned a Buyer number that is unique to you. It is sometimes referred to or written as "bidder number" or "paddle number." 

This number is on your invoice and is used to identify you and assist you through the auction, payment and check out process.

 

Buyer's Premium 

A service charge to the Buyer added to the price of the assets.

This will be clearly shown on your invoice. The percentage will be noted in the 'Terms and Conditions' of each sale and typically ranges from 15%-18%.

Automatic Online Bidding (Max Bid) 

This feature allows you to enter your 'max bid' so you do not need to continually monitor the item; the system will then automatically bid on your behalf.

If a competitive high bid exceeds the amount you set, the system will stop bidding. Alternatively, if a competitive bidder stops bidding at an amount lower than your 'max bid,' you will win the lot at your 'max bid' price, or lower.

Opening Bid/Starting Price 

A pre-set amount which has to be met to begin the bidding process on a lot/item. No bids lower than the "opening bid" will be accepted to start the bidding.

Bid Increment 

The price increase on an item after each bid. The increment is set by the Auctioneer; the item then increases this amount with each new bid placed.

Example: If the starting bid is $100 and the 'bid increment' is $25, the bids will increase as follows: $100 - $125 - $150 - $175 etc.

One-Money  

When a lot has multiple items the Auctioneer may ask "one-money" for these items.

For example: If a lot contains  4 chairs, you pay one price for all 4.

X Times The Money 

The opposite of "One Money": When there are multiple items in a lot, you are bidding on 1 item only.

For example: If a lot contains 4 chairs, the final price for this is your bid times 4.

 

Choice Bid / Grouped Lots

The Auctioneer may offer a "choice bid" when a lot contains multiple items. In this case, the winner may chose any item within this lot for the winning bid amount.

The Auctioneer will then offer any remaining items to the second-highest bidder for the same money. If the second-highest bidder chooses not to purchase said items, the bidding will begin again for each item.

 

Hammer Price

The amount of the  "final bid" or "winning bid" for a lot.

 

Absentee/Proxy Bid

If you are unable to attend a live auction, you can submit a proxy bid before the sale. You will fill out and sign our Proxy Bid Form stating the maximum price you are willing to pay for your chosen lot/s and email it to Long Drive Inc. A Long Drive Inc. representative will bid on your behalf up to the stated amount. This only applies to Live Auctions, and you are still required to register for the auction before submitting a proxy bid.

 

Private Treaty Sales

When a sale occurs between the seller and Buyer at an agreed price with no agency intervention.

Unlike an auction, a Private Treaty Sale will have an asking price, which is often negotiable. Private Treaty Sales are used for assets contained within a complete plant or an entire facility.

 

 

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